Lebanon

The fundamentals for growth in Lebanon’s tourism and business tourism markets remain highly volatile and correlated to the political stability. In 2008, the market began to stabilize after the resolution of the war and other political factors, witnessing a market rebound which is expected to continue into 2009 and 2010. The office and retail sector in Beirut was one of the worse affected sectors by the past political instability in Lebanon, as a large number of multinational companies either relocated their offices to areas outside of the capital or have set up office in other countries. Occupancies and rates in Beirut experienced a sharp increase in 2008 indicating the return of stability after several years of weakness.